OHB increasing investment in Satellite Services division
OHB, SES and other partners taking stakes in ORBCOMM USD 26 million equity issue
ORBCOMM LLC, Dulles, USA, a provider of global satellite communications services for industrial, military and commercial customers, has gained a new shareholder structure in connection with an equity issue.
Joining other strategic partners, OHB Technology AG (ISIN: DE0005936124) has acquired a share of around USD 3.6 million as part of ORBCOMM's USD 26 million equity issue. The main new investor is SES Global S.A., Luxembourg, one of the world's leading providers of broad-band satellite services. The parties have agreed not to disclose further details of the transaction.
The proceeds of the financing will be used to support ORBCOMM’s successful global growth strategy. ORBCOMM provides two-way narrowband data communications services to a diverse customer base, including General Electric, Caterpillar, Volvo Trucks, XATA and Air IQ, which uses ORBCOMM’s unique low-earth orbit satellite network to track, monitor and control mobile and fixed assets (such as trucks, containers, barges, fishing vessels, locomotives, heavy machinery, pipelines, oil wells, energy meters and storage tanks) anywhere in the world.
By taking this step, OHB Technology is reinforcing its satellite services activities and improving access to the North American market for its telematics products and services.
At the same time, OHB Technology as one of the leading European satellite manufacturers expects to assume a key role in the development of the new generation of ORBCOMM satellites.